Feel free to download and edit this contract according to your needs. It’s designed for flexibility, meaning it can be easily adapted for any cooperative agreement involving real estate in Oklahoma.
Embark on your next joint venture with confidence knowing you’re equipped with the necessary legal framework!
REAL ESTATE JOINT VENTURE AGREEMENTTHIS REAL ESTATE JOINT VENTURE AGREEMENT (hereinafter referred to as “the Agreement”) made and entered into this [Insert Date], (the “Effective Date”) by and between [Insert First Party Name], of [Insert Address], Oklahoma, (hereinafter referred to as “Party A”) and [Insert Second Party Name], of [Insert Address], Oklahoma (hereinafter referred to as “Party B”). Recitals WHEREAS, Party A and Party B wish to form a joint venture (the “Joint Venture”) for acquiring, owning, developing and managing certain real estate property in Oklahoma.
1. PURPOSE OF THE JOINT VENTUREThe purpose of this Joint Venture is to acquire, manage, operate, develop and sell [Insert Property Description] located at [Insert Property Address] (the “Property”).
2. FORMATION OF THE JOVENTUREThe parties hereby form a joint venture pursuant to the Oklahoma Uniform Partnership Act, which shall be governed by the laws of the state of Oklahoma.
3. CONTRIBUTIONSParty A agrees to contribute [Insert Contribution] and Party B agrees to contribute [Insert Contribution]. Additional contributions shall be made equally by both parties.
4. MANAGEMENT AND CONTROLControl and management of the Joint Venture shall be equally shared, and decisions shall be made by unanimous agreement of the parties.
5. PROFITS AND LOSSESAll profits, losses, and distributions of cash and other assets of the Joint Venture shall be allocated equally between Party A and Party B.
6. TERMINATIONThis Agreement may be terminated by mutual consent of the parties or upon the occurrence of a Default Event as defined in this Agreement.
7. DEFAULTIn the event of a default, the non-defaulting party shall have the right to take over the responsibilities and receive the profits of the defaulting party.
8. DISPUTE RESOLUTIONAny disputes under this Agreement shall be resolved by binding arbitration under the rules of the American Arbitration Association.
9. GOVERNING LAWThis Agreement shall be governed by and interpreted in accordance with the laws of the state of Oklahoma.
10. ENTIRE AGREEMENTThis Agreement contains the complete and entire understanding and agreement of the parties and supersedes all previous communications, negotiations, commitments, either oral or written, between the parties concerning the subject matter of this Agreement. IN WITNESS WHEREOF, the parties hereto have executed this Real Estate Joint Venture Agreement as of the Effective Date first mentioned above. _____________________ __________________ [Party A] [Party B] _____________________ __________________ Signature Signature _____________________ __________________ Date Date Note: This is a basic Joint-Venture agreement, tailored to the state of Oklahoma. It is highly recommended to seek legal counsel before entering into a legally binding contract.
When setting up a real estate venture in Oklahoma, a Real Estate Joint Venture Agreement is crucial. This agreement complements other important contracts such as the Contract for Deed Template Oklahoma and the Contract for Rental Property Oklahoma.
Similarly, when you are planning to sell your property, it’s essential to have a well-crafted Contract for Sale of Real Estate in Oklahoma. This contract, alongside the Real Estate Joint Venture Agreement, can ensure both parties’ rights and responsibilities are clearly stated to avoid any disputes in the future.